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Financial Sector Update for 07/22/2020: KEY, CADE, EVR, XLF, FAS, FAZ

Financial stocks were declining premarket Wednesday, with the Select Financial Sector SPDR (XLF) recently retreating by 0.7%. The Direxion Daily Financial Bull 3X shares (FAS) were over 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) were up more than 1%.

KeyCorp (KEY) fell by almost 2% after posting Q2 EPS of $0.16, down from $0.40 a year earlier, but above the $0.11 average estimate of analysts polled by Capital IQ.

Cadence Bancorporation (CADE) was over 1% lower after saying it swung to an adjusted net loss of $0.45 per share from earnings of $0.40 per share in the prior-year quarter. Analysts polled by Capital IQ were expecting adjusted EPS of $0.16 for the June quarter.

Evercore Partners (EVR) was marginally lower after it reported Q2 adjusted earnings of $1.53 per share compared with adjusted earnings of $2.07 a share in the year-earlier quarter. Analysts polled by Capital IQ had expected adjusted earnings of $1.39 per share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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